M&B “on the front foot” as 200th Harvester opens
BIRMINGHAM pub and restaurant company Mitchells & Butlers has reported what it describes as resilient operating performance for the half year to April 7.
And it says its business transformation programme is underway, which will simplify support functions and sharpen focus on guest service throughout all areas of the business.
The firm has seen retained estate revenue growth of 6.3% to £969m and retained estate operating profit up 1.5% to £138m before exceptional items.
Exceptional operating costs of £20m include £14m of business and systems restructuring costs, which M&B says will deliver annualised savings of £10m.
There have been 35 new site openings and seven conversions in the period covered. This included the opening of the 200th Harvester.
Executive chairman Bob Ivell said: “We have remained firmly on the front foot with a relentless focus on actions that will drive the medium and long-term success of the business. We are continuing to deliver a resilient operating performance, maintaining the roll-out of our industry-leading brands and progressing our major business change programme.
“I am pleased with the progress being made to appoint a new CEO and further non-executive directors and look forward to being able to make an announcement at the appropriate time.
“Despite challenging trading conditions, we remain confident that we can deliver a full year result in line with expectations.”
Aside from Harvester, M&B’s brands include Toby Carvery, All Bar One, Sizzling Pubs, Miller & Carter, O’Neill’s and Ember Inns.
Mitchells & Butlers serves around 125 million meals and 425 million drinks each year and is one of the largest operators within the UK’s £68bn eating and drinking out market.
